The trial balance of Mr. Rosiak Fashion Center, Ltd. contained the following accounts at November 30, the end of the company's fiscal year.

Adjustment data:
1. Supplies on hand totaled £2,100.
2. Depreciation is £11,500 on the equipment.
3. Interest of £4,000 is accrued on notes payable at November 30.
4. Inventory actually on hand is £44,520.
Instructions
(a) Enter the trial balance on a worksheet, and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the year, and a classified statement of financial position as of November 30, 2017. Notes payable of £6,000 are due in January 2018.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.

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MR. ROSIAK FASHION CENTER, LTD Trial Balance November 30, 2017 Debit Credit £ 8,700 27,700 44,700 6,200 133,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense E 23,000 51,000 48,500 50,000 38,000 8,000 755,200 12,800 497,400 136,000 24,400 14,000 12,100 16,700 24,000 £965,700 Totals £965.700